How to handle price war or buyer/tenant bidding war as a agent?
Is it right or wrong to reveal highest offer to potential buyer/tenant so as to encourage bidding war?
Why agent need to help Seller/Landlord to see the need to market below market value?
- so as to encourage for response and more viewing
- so as to put as many viewings as possible on the same slot in order to create excitement and possible bidding war
Don't
waste time reinventing the wheel, know what has ALREADY worked, model it.
Success leave traces.
Being
an agent in Singapore is tough business, especially when there are close to
27,000 agents and you are paid for the performance and results you deliver.
Many of us are sole bread winners, driving grab to make ends meet.
Over
the course of next 4 days, I will be sharing with you some of the most powerful
real estate marketing ideas from some of the top real estate experts to help
bring your business to the next level, whether you are working with buyers or
sellers (or if you're already rolling in cash! lol)" only the good stuff.
It's
not about getting more marketing... it's about getting more EFFECTIVE
marketing. For some of us it could be stopping certain forms of marketing and
focusing on others. Regardless, let's jump right in!
Price
Under Marker Value
If
the fair market value of a unit is $800,000 for example, if possible, advise
your sellers to list slightly below the market value. This results in your
property being shown to way more potential buyers & many scheduled
appointments to view the lobang (deal in Singlish).
More
often than not this results in multiple offers on the property & a bidding
war starts and the seller gains. in many scenerios, the closing purchase price
ends up even higher than the fair market value. Some things don't change, people
want what other people want, so they keep bidding up!!
How agents can ask Seller/Landlord for exclusive?
In order to get exclusive, agents will only say things that seller/landlord want to hear
- I can sell the price you want and higher
- I can sell the fastest for you
- I will advertise 7 times a week on newspaper
- I will conduct open house at least once a week
- I will give you progress report at least once a week
This can only be achieved if there is an Exclusive, if not
- other marketing agent will complain to seller
- every marketing agent will compete to get viewing appointment
- every marketing agent will try to convince the seller to sell
- every marketing agent will help the buyer to negotiate the lowest price to close
- no marketing agent can help seller to negotiate high, control the negotiation and price, and create viewing excitement by limiting viewing and organize them to view together
- buyer will offer price through different agents on the same unit and see which agents has the best negotiation power to negotiate down the price.
Limit
Showings & Create Deadline
When
you limit the number of showings of a unit to one open house, many buyers will
come in to see the house during this 2- 4 hour time slot as that’s the only opportunity
to see the house. This almost results in the open house being packed with
prospective buyers. The more buyers the open house, the more likely they will
feel like everyone else is going to bid for this property so I’ll bid the
highest.
If
the open house is on a weekend like a Saturday, set a deadline to receiving all
offers by the afternoon on Monday. This helps to create a sense of urgency
& subconsciously buyers automatically prepare to compete with other offers.
Again
this is still a play on the same understand that “people want what other people want”.
Professional
Videography, Photography, And Even Drone Footage
Don't
skim on photos. Invest the money and get a professional to do it. According to
the real estate associations in the states, 90% of buyers are first drawn to a
property (online or otherwise) by good quality photographs. Professional
photographers make your house look more spacious. Don’t use your smartphone!
This is one area you want to spend your money. Bright, spacious, clean photos
bring people in!
Speak
Directly To The Ideal Buyer Across Your Marketing Mediums
Don’t
just list the features of the unit. Instead, put those features in context of
the target buyers’ daily life. Think about the most likely buyer profile for
your property, and “speak” to that person in the marketing you do. For example,
will the space be perfect for a young single professional, a couple with a
newborn, or a couple of empty nesters, someone who simply must have a calm,
serene view or a startup company looking for the perfect studios to run their
startup.? - @sepmiami
Forget
About Your Website, Get a Lead Generation Sales Funnel
A
lead generation site is optimised to get you leads whereas a website don't.
Most people just build a real estate website and forget about it. You should be
constantly trying to improve your site and adding content and photos to
increase your rankings on Google and other search engines..
No
time? Hit "Reply" and lets chat!
Ok, getting hungry,
craving for some good Nasi Lemak... talk more tomorrow.
